Connect with us

Hi, what are you looking for?


Philodrill is operator of onshore gas exploration project in Mindoro

LISTED exploration company The Philodrill Corp. is now the operator of petroleum service contract (SC) 53 or the onshore Mindoro natural gas exploration project, the firm said on Monday as it cited a letter from the Department of Energy (DoE).

“After thorough review of the technical, legal, and financial qualifications of the continuing partners, the request for redistribution of participating interests among the continuing partners, and the assignment of Philodrill as the operator (of SC 53), is hereby approved,” Philodrill said, quoting the DoE in a regulatory filing.

As a result of the new development, Philodrill and Anglo Philippine Holdings Corp. would hold 81.48% and 18.52% participating interest, respectively, in SC 53.

In 2014, the SC 53 consortium members were the UK-based Pitkin Petroleum Plc. (35%); Resource Management Associates Ltd. (35%); Philodrill (22%); Anglo (5%); and Basic Energy Corp. (3%).

SC 53, which was awarded by the DoE in 2005, covers 6,600 square kilometers of onshore areas in Mindoro within the North Palawan Micro-Continental Block.

In a separate filing on Monday, Anglo confirmed that it has received a copy of Philodrill’s disclosure but has “yet to receive official communication from the DoE on the matter.”

Philodrill’s active petroleum projects cover offshore Palawan areas and onshore Mindoro under various DoE-awarded service contracts.

Anglo is an investment holding firm that focuses on development and infrastructure activities. It held investments in Philodrill, among other companies.

Philodrill stocks climbed 46.15% to close at P0.019 apiece on Monday. Meanwhile, shares in APO improved 29.88% to finish at P1.13 apiece. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



THE PHILIPPINES lags regional peers in terms of the share taken up by solar and wind energy in its power mix, energy think tank...


THE PHILIPPINE government tempered its economic growth target for this year, as rising inflation and ballooning debt threaten to hamper the economy’s recovery from...


By Keisha B. Ta-asan SOURED LOANS held by Philippine banks declined for a third straight month in May, bringing the nonperforming loan (NPL) ratio...


THE NATIONAL Government is hoping local government units (LGUs) will channel their expanded budgets into raising agricultural output, Finance Secretary Benjamin E. Diokno said....


THE MARCOS administration should immediately address power supply shortages and high electricity rates, which are affecting businesses in the country, the Philippine Chamber of...


MANILA Electric Co. (Meralco) has confirmed receipt of an order from the Energy Regulatory Commission (ERC) directing the country’s largest power distribution utility to...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.